The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.
Without a complete capitulation from the troika, Greece will default on the IMF tomorrow and emergency liquidity assistance should be withdrawn on Wednesday.
Forget Greece. We’ve seen that story before. This could be the first domino:
The Chinese market is in an all-on crash.
Eric Sprott, Bill Holter, and Greg Hunter join TruNews’ Rick Wiles for a MEGA PM Round-table interview breaking down the Greek End Game, and how the collapse is likely to play out.
Sprott explains why the US and EU cannot afford the fallout of a Greek collapse and the nation turning to Russia, and why the banking cartel must avoid a Lehman style liquidation by any means possible...
Is the biggest financial debacle in human history ALREADY UNRAVELING?
Full MUST WATCH 60 Minute MEGA Financial Roundtable With Sprott, Holter, & Hunter is below:
There are three financial hurricanes hurtling towards our country and most people are oblivious to the coming catastrophe. The time to prepare is NOW, not when the hurricane warnings are issued.
Is the past 50 years of globilization about to be completely unwound by a massive Multi-Decade GLOBAL depression??
Mega-investment funds, governments and central banks have been secretly buying up and storing physical gold in anticipation of an event that will leave the U.S. dollar effectively worthless and governments around the world angling for a new global currency mechanism, according to mining executive Keith Neumeyer.
Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 sub-prime mortgage meltdown.
Circumstances lead me to believe it could play out like the meltdown I experienced in 1998 after Long-Term Capital Management (LTCM) failed.
This time, however, there will be several crucial differences that will leave investors and regulators unprepared.
I believe what is coming is far bigger than a mere significant economic collapse.
I believe the coming financial collapse will be a worldwide economic collapse, and the institution of a one world government with a one world currency, in the 6-9 months following these events.
Low inflation would not explain the 80 basis point drop in long bond yields since January 1st.
“Flight to safety” would flow either into the very short end of the yield curve or into gold or under the mattress.
With retail sales, auto sales, and home sales all collapsing, the only explanation left is that the Treasury bond market is pricing in a severe economic downturn. This would explain also why high yield bond spreads have widened considerably over the past month. The big drop in oil prices this week would further affirm this.
The Treasury bond market is starting to price in economic Armegeddon.
We are going to get a gold standard probably in 2016 after the world wide economic crash of 2015.
But, between the crash of late 2015 and the implementation of the gold standard, there is going to be civil disobedience on a scale never before seen in the history of man.
The preppers are going to get the thing they have feared most and have been preparing for many decades.
In its just released annual report, the Bank for International Settlements has issued a strong warning that “dangerous new asset bubbles are forming“, & warned that: “the world could be hurtling toward a new crisis.”
In a financial crisis, people tend to panic (hence the crisis) and want to withdraw their money. Banks bleed cash. And if they don’t have enough of it on hand, the bleeding turns into a sucking chest wound.
It’s at this point that they’ve been caught red handed swimming naked, and they need to go raise cash from somewhere, anywhere else.
So they start selling assets– loans, securities, and even shares of the bank itself.
The deputy chair of the Monetary Authority of Singapore (Lim Hng Kiang) said last night at a dinner that “an uneasy calm seems to have settled in markets” and that “we remain in uncharted waters” and informed Singapore banks to increase their capital & liquidity to prepare for financial collapse.
If a senior official presiding over one of the world’s safer banking jurisdictions wants his banks to increase their capital and liquidity, a rational person would certainly wonder– “What do these guys know about the financial system that I don’t?”
They must be expecting the mother of all busts.
The world has never been in a position like this before, where all global currencies are fiat and dependent upon central banker power. The push for a New World Order is inexorable, and make no mistake, the monied elites are fully in control, or almost so.
We maintain this is why so many in the Precious Metals community have miscalculated the timing for when gold and silver would take off to the upside, collapsing the Fed’s fiat “dollar,” or as a result thereof.
On the surface, it appears that the East is almost in control of most of the world’s supply of gold, while the West remains in control of gold’s pricing mechanism, doing whatever it takes to preserve the fiat “dollar” as the world’s reserve currency for international trade contracts. In addition to gaining control of physical gold, even setting up the Shanghai Gold Exchange, [SGE], as a more viable alternative to the literally “fixed’ pricing of paper gold by COMEX and LBMA, the East is providing an alternative trade outside of the “dollar,” and this has created a situation akin to the West as a dangerous cornered rat.
In this interview with Finance & Liberty’s Elijah Johnson, Greg Mannarino makes the incredible claims that the DOW may be about to collapse to 4,000, gold & silver are set to EXPLODE, & states that the US dollar is about to die, and be replaced by the Yuan as the global reserve currency.
Mannarino’s full interview on the coming complete collapse of the dollar & US market is below:
After six years of monetary and tax policies that could have not been better designed to destroy savings and the savings ethic, you’d think governments might have learned some sort of lesson. They are having none of it. Instead Japan is hell-bent on monetary kamikaze, and the ECB is now warming us up for negative interest rates and/or QE.
The problem is far from being understood: if anything the destruction, even confiscation of savings, and the creation of yet more money are set to accelerate in a futile attempt to buy off the inevitable.
Many decades of Keynesian-inspired economic and monetary corruption have left advanced economies with a legacy of debt and low savings. In a nutshell, that is the problem which is driving us into another financial crisis.
And bond yields are telling us to batten down the hatches for the next crisis: it could be worse than 2008.
Financial expert and best-selling author, James Rickards, thinks the “international monetary system is headed for a collapse.” . Fast forward to today. When the next collapse comes, it is going to be bigger than the last one. It’s going to be exponentially bigger. The five biggest banks were too big to fail in 2008, today they are bigger. They own a larger percentage of the total banking assets. . . . When you double or triple the scale of the system, you don’t double or triple the risk. You increase the risk by an exponent that could be 10 times or 100 times greater.”
On the Fed engineering another 2008 type bailout, Rickards claims, “The last crisis was barely enough for the Fed to contain. They have used up all their dry powder. They can’t take the balance sheet any higher. They are already insolvent. . . . The game is up.”
Rickards foresees big inflation because the U.S. dollar’s buying power will shrink. Rickards predicts, “Imagine gas at $20 a gallon and bread at $10. That’s what we’re talking about.” So, if big inflation is coming, what about gold? Rickards says, “When I say the price of gold is going to $7,000 or $9,000 per ounce, which I expect it will, what I am really saying is the dollar is going to collapse 80% or 90% or more.” It did in the 1970’s. None of this is unprecedented. It all happened before.”
Does anything about 2014 remind you of 2008?
For example, the increasing signs of stress in the global financial system, from periphery currencies crashing to China’s shadow banking bailouts to the constant flow of official assurances that all is well and whatever situations aren’t well are on the mend.
The long lists of visible stress in the global financial system and the almost laughably hollow assurances that there are no bubbles, everything is under control, etc. etc. etc. certainly remind me of the late-2007-early 2008 period when the subprime mortgage meltdown was already visible and officialdom from Federal Reserve chairman Alan Greenspan on down were mounting the bully pulpit at every opportunity to declare that there was no bubble in housing and the system was easily able to handle little things like defaulting mortgages.
However, the next crisis will not be a repeat of 2008 but a much less fixable and much more monumental crisis.
I feel that this is one of the most important investigations I’ve ever done. If my findings are correct, each of us might soon experience a severe, if not crippling blow to our personal finances, the confiscation of any wealth some of us have been able to accumulate over our lifetimes, and the end of the financial world as we once knew it. The evidence to support my findings exists in the trail of dead bodies of financial executives across the globe and a missing Wall Street Journal Reporter who was working at the Dow Jones news room at the time of his disappearance. If the bodies were dots on a piece of paper, connecting them results in a sinister picture being drawn that involves global criminal activity in the financial world the likes of which is almost without precedent. It should serve as a warning that we are at the precipice of something so big, it will shake the financial world as we know it to its core.
Although the trail of mysterious and bizarre deaths detailed below begin in late January, 2014, there are others. Not only that, there will be more, according to sources within the financial world. Based on my findings, these are not mere random, tragic cases of suicide, but of the methodical silencing of individuals who had the ability to expose financial fraud at the highest levels, and the complicity of certain governmental agencies and individuals who are engaged in the greatest theft of wealth the world has ever seen.
We appear to be witnessing a clean-up where JPMorgan and Deutsche Bankers are at the epicenter of it all.